To amend the Internal Revenue Code of 1986 to extend the first-time homebuyer tax credit, and for other purposes.

Amends Internal Revenue Code provisions relating to the first-time homebuyer tax credit to: (1) extend such tax credit through May 31, 2010; (2) extend through December 31, 2009, the date until which purchases of a principal residence may be treated as made on December 31, 2008, for tax purposes; and (3) extend through May 31, 2010, the waiver of recapture requirements for residences purchased after December 31, 2008.

Rescinds certain discretionary appropriations made available by division A of the American Recovery and Reinvestment Act of 2009 to cover the cost of this Act.